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What is fraud

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Published in: Economy & Finance, Business
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What is fraud

  1. 1. What is Fraud ? It is a type of criminal activity, defined as:- •abuse of position, or •false representation, or •prejudicing someones rights for personal gain. In other words fraud is an act of deceptionintended for personal gain or to cause a loss to another party.We are briefly going to look at online fraud.
  2. 2. What is Fraud ?Latest figures from CIFAS, the UK’s Fraud Prevention Service, show the number of cases of people whohave had their identity stolen by crooks has hit more than four million – 80,000 so far this year alone.
  3. 3. What is Fraud ?• Despite the fact the risk keeps escalating, and that 95% of thepopulation are aware of the threat from ID thieves, we continue to be careless with our personal details.• A quarter (25%) of people are still not taking the simple, yet key precautions, such as shredding their bills, bank and credit card statements before putting them out with the rest of the rubbish. • Almost half (43%) fail to verify that emails or any calls from organisations are legitimate before responding to them and 59% do not follow up to find out if there is an underlying problem if post fails to arrive.
  4. 4. What is Fraud ?• Research from Capital One shows a scary increase in social media mugging or “smugging” as a staggering 60 million Facebook, Twitter and other social media accounts have been accessed without permission in the past 12 months alone.• Smuggers are opportunists who take advantage when others do not log out of their online profiles properly.
  5. 5. What is Fraud ?• Credit reference agency Equifax says although there is no typical ID fraud, it believes what is becoming more prevalent is online fraud.• “It’s the invisibility of these new frauds that is probably the most worrying for people,” says Neil Munroe from Equifax.• “You can’t see it – you might not even realise that you’ve become a victim.• “People need to remember to apply the same level of precautions to what’s valuable to them as they do to their physical possessions.• “No-one would leave their front door open or their cash lying around for anyone to help themselves, yet the levels of security some people are applying to their online activities is almost the same!”
  6. 6. What is Fraud ?For more information please visit: www.Vanishdebt.co.uk

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